ABUJA â€” The federal government recorded a budget deficit of N601.56 billion in the last quarter of last year, according to the fourth quarter report of the Central Bank of Nigeria, CBN.
According to the apex bank, the federal government retained revenue for the last three months of 2013 was N822.19 billion, while total expenditure was N1,423.75.
â€œThe Federal Government retained revenue was N822.19 billion, while total expenditure was N1,423.75 billion. Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N601.56 billion or 5.1 per cent of estimated nominal GDP for fourth quarter of 2013, compared with the quarterly budget deficit of N221.77 billion or 1.9 per cent of estimated GDPâ€, it said.
The dismal revenue profile of the federal government in the last quarter of 2013 was blamed on the unprecedented level of low crude oil output which was put at a mere 1.42 million bpd as against the 2013 budget oil production estimate of 2.526 million bpd.
â€œNigeriaâ€™s crude oil production, including condensates and natural gas liquids, was estimated at an average of 1.87million barrels per day (mbd) or 172.04 million barrels for the quarter. Crude oil export stood at 1.42 mbd or 130.64 million barrels for the quarter, while deliveries to the refineries for domestic consumption remained at 0.45 mbd or 41.40 million barrelsâ€, the bank said.